Any vessel that has been registered within the US Coast Guard (from now on to the USCG) has been generated what is called an abstract of title. We will explain its utilities in this article, but it normally includes information such as ownerships, interest, liens, and encumbrances that affect the title.
What’s on the Abstract of the Title?
To shed some light on the matter, the abstract of the title of a boat is basically a complete summary of the vessel’s history, particularly when it comes to its own history and financial details. If you are about to get involved in a boat transaction having access to this clear record might be helpful.
As a general rule of thumb, it will normally include official information about the vessel, its own history, and financial details. They will all be explained in this article.
Official Information About the Vessel
Every registered vessel is assigned a unique identification number that will stay with the boat regardless of who owns it. This number is known as the hull identification number (or HIN). The HIN will be included in the abstract.
The filler might decide whether or not to add some more details such as when and where the boat was built. The USCG might also decide to include any other information they consider relevant.
Ownership History of the Vessel
The actual owner of the vessel, as well as all of the previous ones, are included in the abstract of the title. The information obtained is much more detailed than that of a certificate of documentation. The ownership of a boat can be shared by multiple individuals, or legal and business entities: they will all appear in the abstract. Every transfer of ownership since it was built should also be included.
Financial History of the Vessel
Apart from all of the ownership history, the financial details of the boat will also come up in the abstract. Mortgages and lien information, financial encumbrances, and supplemental recordings will be included in the document. In addition to that, it should also state how the debts will be or have been resolved.
You can Process your Abstract of Title at the Maritime Documentation Center
Your abstract of title can be requested through our site or with the USCG. Depending on the vessel and when it was first documented, the abstract might include hard copies, digital notation, or fully digitized scans of documents. They can also contain references and abbreviations that at first glance do not seem very clear: we can help you interpret them.
In addition to that, there can be some inconsistencies that need to be fixed by calling the US Coast Guard.
At the Maritime Documentation Center we can help you with the process of abstract of titles, so please fill out the corresponding form and let us have your back!